Whether you are about to embark on your lifelong dream of purchasing, owning and operating your own business or your dream has already been fulfilled and you are looking to sell your business in order to meet life’s next challenge, it is imperative to have competent legal representation to guide you.
The purchase and sale of business assets requires numerous documents in order to make the transaction official. Among the documents which buyers and sellers must/may need to prepare and execute are a written Contract of Sale, a Bill of Sale, an Affidavit of Title, a Bulk Sale Transfer Application, and a Corporate Resolution. In addition, if the purchase of the business assets is being financed, the lender will require a signature on many documents such as a Promissory Note, a Mortgage, a UCC-1 Financing Statement, a Personal Guaranty and/or an Assignment of Rents and Leases. A proposed sale of business assets which is not properly reduced to some of these writings may be a legal nullity and may turn a dream into a nightmare.
An experienced commercial real estate attorney will ensure that the appropriate documents contains the language necessary both to protect the parties’ financial interests and to meet applicable government regulations, which at times, can be burdensome. If you are ready to purchase or sell any business assets, you should contact the experienced commercial real estate attorneys at Winegar, Wilhelm, Glynn & Roemersma, P.C.